Crypto treasury firms buckle as crash erodes nearly half of combined market caps

Digital asset treasury companies are facing a sharp drawdown in the value of their shares and corporate crypto holdings as BTC, ETH, and SOL prices continue to unwind from their October peaks.

The combined market capitalization of public DAT firms has plunged from $176 billion in July to roughly $99 billion today, according to The Block's data dashboard.

The decreased stock valuations come as the total crypto market cap slipped below $2.9 trillion for the first time since May on Friday, driven by rising ETF outflows and macro uncertainty, according to analysts. Meanwhile, the combined value of crypto holdings held by DATs has fallen from $141 billion when bitcoin made an all-time high on Oct. 6 to $104 billion as of Nov. 21.

Largest Bitcoin holder still in profit, but AUM under pressure

Michael Saylor's Strategy (MSTR) remains the largest corporate holder of bitcoin with 649,870 BTC, accumulated at an average price of $74,433 per bitcoin for a total cost of around $48.4 billion.

Data from blockchain analyst Lookonchain noted that the position, currently worth around $54.5 billion, still retains an unrealized profit of about $6.1 billion despite bitcoin's retracement.

However, the company's stock price has slumped alongside the broader crypto downturn. Strategy shares have fallen 34% over the last month and about 41% year-to-date to close at $177.13 on Thursday, according to The Block's MSTR price page.

Earlier this week, JPMorgan warned that Strategy could face billions in further outflows if MSCI and other major indices remove the stock, adding further pressure to the company's share price.

While cumulative bitcoin holdings by public companies continue to climb, reaching fresh all-time highs, the value of those holdings has cratered in tandem with bitcoin's slide from a peak of around $126,000 to the low $80,000s.

Bitmine's Ethereum stack underwater

Bitmine (BMNR), the largest Ethereum-focused DAT, holds 3,559,879 ETH, acquired at an estimated average of $4,010, per prior reporting.

With ETH now near multi-month lows, the company sits on an unrealized loss of roughly $4.52 billion, which implies a pullback of 31.7% on its ETH position.

ETH has crashed 30% over the last 30 days, with the second-largest cryptocurrency now trading for around $2,745, according to The Block's ETH price page.

Amid the crypto market slump, Bitmine's stock has also fallen 44% over the past month, although it remains up some 271% year-to-date.

Solana treasury exposure suffers heavy drawdown

Forward Industries (FORD) — which doubled down on its Solana strategy through a $4 billion equity offering earlier this year — holds roughly 6.83 million SOL, purchased at an average price of $232.

SOL has fallen 32% in the past 30 days, according to The Block's SOL price page, and is currently changing hands for around $127.

Following multiple crypto liquidation events, the firm is now sitting on an unrealized loss of approximately $711 million with a 44.8% drop in its portfolio, Lookonchain data indicates.

Forward's stock price has tumbled 55% in the past month, though it remains up 84% year-to-date following early-year Solana strength.

The market pressure has now spread beyond portfolio drawdowns into treasury reduction, for at least one public firm.

As The Block reported on Thursday, FG Nexus — once planning to raise up to $5 billion — sold more than 10,000 ETH to fund share buybacks. It became the first large ETH-holding public company to cut its treasury materially during the downturn.